How Long Does It Take for Value Investing to Yield Superior Returns in Visual Studio .NET

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How Long Does It Take for Value Investing to Yield Superior Returns
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The results show that while returns are not outstanding in the rst year after the portfolios are formed, they are not discouraging The value strategy does work in the rst year, but the difference of about 4 percent to 6 percent (depending on the study) is not remarkable In subsequent years, the difference is larger Lakonishok and colleagues show that by the fth year, the difference is almost 8 percent per year, which is substantially larger than the rst-year gure These results show that it takes several years of patience to bene t fully from the value strategy An investor needs to be extremely patient
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after the portfolio is formed The analyses performed are based on the assumption that the portfolios are not balanced frequently One important point to remember is that if an individual stock in the portfolio goes up in price and no longer quali es as a low P/E stock, it should not be sold immediately It should be held at least until such time as the entire portfolio is reevaluated By no means am I suggesting that you should put all your hard-earned money in such a strategy in one go As with any strategy, you should slowly learn the ins and outs, invest a little at a time, and develop your skills One nice side effect of this analysis is that once a portfolio is fully formed, you need not monitor the portfolio on a regular basis Ideally, the investor should not come back to evaluate the portfolio for several years I have often described this strategy as less effort is better than more effort, or, succinctly, less is more A value investor should spend more time at the beach than at the of ce Is value investing really as easy as it sounds Yes, it is, but it won t be if you do not have the psychological resolve to refrain from touching the portfolio for a long time To develop the psychological resolve, you probably need to analyze by yourself the historical data of the stocks in your portfolio to become comfortable with their past performance and the results presented here Such an analysis will also make you more comfortable with the value strategy Then, you will indeed enjoy the time you save by not watching your portfolio constantly Overall, to truly bene t from the value investment strategy, you should not underestimate the effort needed to learn about the strategy You need to practice a lot If it were possible to develop the psychological resolve by reading a few articles or books, enough investors would have followed the value investment strategy to make its bene ts go away That prompts the question: Do you have the right temperament for value investing There is only one way to nd out Practice
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An investor should also ask or think about whether a strategy that has worked in the past will continue to work in the future No one can guarantee that However, given that people generally get excited about glamour stocks and new investors continually come to the market, such
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strategies are likely to work in the future As mentioned before, enough people will lack the psychological resolve to hold the same portfolio and not trade often David Dreman wrote a book in 1977 that explains the P/E strategy in detail Before that, Graham and Dodd discussed this topic in their books At all these points, a reader would have wondered if the strategy would work in the future As shown by Lakonishok and colleagues research, a reader would have done very well indeed if he or she had adopted the value strategy even after the publication of the Dreman book Dreman eventually wrote another book, published in 1998, that con rmed his earlier ndings14 Clearly, there will be years in which the P/E or other value investment strategies will not work The investor has to have patience in those years and remain invested Another main problem lies in the fact that if you were to examine the types of stocks that are in the extreme-value portfolios, you would nd them highly unattractive Often, the so-called extreme-value stocks de ned in these studies are small and have high nancial leverage Thus, even these academic studies do not do full justice to what Graham proposes you should do as outlined in the principles discussed earlier Overall, it is gratifying that Graham s principles are vindicated by modern academic work If you are a value investor, you may continue to practice your strategy and try to make it better by reading Buffett and other disciples of Graham
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